November Property Update: Hammond abolished Stamp Duty for first time buyers

On the 22nd November Philip Hammond introduced a host of new housing measures in his second budget as Chancellor of the Exchequer. Hammond presented several key housing announcements, the showpiece of which is that Stamp Duty has been abolished for first time buyers on properties up to the value of £300,000.

The decision to cut Stamp Duty for first time buyers has been welcomed by many and was the firm headline grabber of the speech. House prices have become increasingly out of reach for many people in recent years, none more so than those looking to buy their first homes.

It is estimated that this new measure, which came into effect last Wednesday, will abolish Stamp Duty for 80% of first time buyers. Steven Curley, homes4u’s South Manchester Business Manager commented, “With this latest budget announcement Mr. Hammond is clearly pledging to make home ownership something that can be achieved by everybody and I am sure it will be welcomed across the industry.”

Steven continued, “First time buyers should act now to take advantage of the recent policy change. The increase in demand this measure will inevitably create could see house prices increase at a faster rate and eat into any savings the abolished Stamp Duty generates.”

Steven is not the only person who feels that way. The Office for Budget Responsibility (OBR) agrees. The OBR has stated that the they believe the tax break will most likely push house prices up by around 0.3% in 2018. Therefore the group that could stand to gain the most are those that already own property and not first time buyers.

If you are looking to buy your first home in Manchester, this could be your opportunity to take advantage of the savings to be made to stamp duty. Visit our property search pages http://www.homes4u.co.uk/property-search to view all of our current availability. Alternatively, you can contact our friendly team in branch either over the phone or in the office where we would be more than happy to help.

Do you want to know how much your home is worth? Whether you are considering selling, or just out of interest one of our specialists can visit your home without obligation to provide you with an up to date valuation for sale or for rentals.